What sum of money will amount to
a 9 261 in 3 years at 5% per
compound interest ?
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Answer:Given R = 5% per annum ,n = 3 years, Amount = 9261 rupees.
We know that A = P(1 + r/100)^n
9261 = P(1 + 5/100)^3
9261 = P(21/20)^3
P = 9261 * 20/21 * 20/21 * 20/21
= 9261 * 20 * 20 * 20/21 * 21 * 21
= 9261 * 8000/9261
= 8000.
Therefore the sum of money = 8000 rupees.
Hope this helps!
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